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MIL-OSI Europe: EBA publish final draft technical standards on the prudential treatment of investment firms

MIL-OSI Europe: EBA publish final draft technical standards on the prudential treatment of investment firms
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EBA Publishes Final Technical Standards To Ensure Effective Application Of Stay Powers Under The BRRD

EBA Publishes Final Technical Standards To Ensure Effective Application Of Stay Powers Under The BRRD Date 16/12/2020 The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the contractual recognition of stay powers. The technical standards provide further specification of essential elements to ensure the effectiveness of the resolution regime established by the Bank Recovery and Resolution Directive (BRRD). These standards are part of the EBA s major programme of work to implement the BRRD and address the problem of too-big-to-fail banks. These technical standards aims to ensure the effective application of stay power. Where financial contracts are governed by the law of a third country, the BRRD requires these contracts to include a contractual recognition term by which the parties acknowledge that the contract may be subject to these stay powers and agrees to be bound by their effect.

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